Delivery of customized insurance products and services

ABSTRACT

Systems and methods provide customizable insurance according to consumer preferences and attributes. An enhanced attributes analysis server may analyze the attributes of a consumer and match these attributes with attributes of current customers of an entity managing the server. The insurance products/plans preferred by the matched customers may then be used to present insurance options to the consumer. In addition, the server may further customize insurance options based on answers to questions that relate to the consumer&#39;s specific situation. Further still, the consumer&#39;s social network may be used to understand insurance products/plans that may be preferred by the consumer.

CROSS-REFERENCE TO RELATED APPLICATIONS

The present application is a continuation of U.S. patent applicationSer. No. 13/278,432, filed Oct. 21, 2011, and entitled “Delivery ofCustomized Insurance Products and Services”, which is acontinuation-in-part of U.S. patent application Ser. No. 13/112,825,filed May 20, 2011, and entitled “Processing an Application forInsurance Coverage,” which is a continuation of U.S. patent applicationSer. No. 12/959,108 filed Dec. 2, 2010 and entitled “Processing anApplication for Insurance Coverage,” which is a continuation of Ser. No.12/903,861 filed Oct. 13, 2010 and entitled “Processing an Applicationfor Insurance Coverage,” which is a continuation of U.S. patentapplication Ser. No. 14/793,325, filed Jun. 3, 2010 and entitled“Systems and Methods for Customizing Insurance” which is a continuationof U.S. patent application Ser. No. 11/551,595, filed Oct. 20, 2006 andentitled “Systems and Methods for Customizing Automobile Insurance” andpatented as U.S. Pat. No. 7,774,217 which is a continuation-in-part ofU.S. patent application Ser. No. 11/270,611, filed Nov. 10, 2005 andentitled “Systems and Methods for Customizing Insurance” which claimspriority to U.S. Provisional Application No. 60/629,318, filed Nov. 19,2004, the entire disclosures of which are hereby incorporated byreference.

TECHNICAL FIELD

The present invention relates to systems and methods for customizinginsurance and, more particularly, to customizing insurance policiesaccording to consumer preferences. The present invention also providessystems and methods for presenting insurance products/services toconsumers.

BACKGROUND

Today's consumer is presented with an increasing number of purchaseoptions and is more pressed than ever for time. With increasing choicesand time demands, consumers can become overwhelmed when reviewing themassive amount of information they encounter in shopping. The pressuresattendant the time constraints and information can pervade a consumer'sshopping experience, including shopping for insurance.

New technologies, however, now make possible aids to help consumers asthey make informed choices about insurance products/services in muchless time that they could years ago. The challenge is how to harnessthose technologies.

SUMMARY

Methods and systems are provided for creating insurance packages andproviding insurance services. Insurance packages may be created byperforming research to identify a target population and a set ofinsurance features desired by the target population. The set ofinsurance features may be bundled into an insurance package. Thepackages may include standard components, combinations of optimizedcomponents, optimized combinations of standard components and variouscombinations. The insurance packages may provide automobile insurance,homeowner's insurance and other types of insurance.

In certain embodiments of the invention, aspects of the presentinvention can be partially or wholly implemented with acomputer-readable medium, for example, by storing computer-executableinstructions or modules, or by utilizing computer-readable datastructures.

Of course, the methods and systems of the above-referenced embodimentsmay also include other additional elements, steps, computer-executableinstructions, or computer-readable data structures.

The details of these and other embodiments of the present invention areset forth in the accompanying drawings and the description below. Otherfeatures and advantages of the invention will be apparent from thedescription and drawings, and from the claims.

BRIEF DESCRIPTION OF THE DRAWINGS

All descriptions are exemplary and explanatory only and are not intendedto restrict the invention, as claimed. The accompanying drawings, whichare incorporated in and constitute a part of this specification,illustrate embodiments of the invention and, together with thedescription, serve to explain the principles of the invention. In thedrawings:

FIG. 1 is an exemplary flow chart for optimizing insurance products, inaccordance with an embodiment of the invention;

FIG. 2 is an exemplary chart comparing feature relevance and featuredifferentiation, in accordance with an embodiment of the invention;

FIG. 3 is an exemplary method of offering insurance, in accordance withan embodiment of the invention;

FIG. 4 shows an exemplary insurance product comprising packages selectedfrom FIG. 3 , in accordance with an embodiment of the invention;

FIG. 5 is another exemplary method of offering insurance, in accordancewith an embodiment of the invention;

FIG. 6 shows an exemplary insurance product comprising packages selectedfrom FIG. 5 ;

FIG. 6A shows an optimized insurance policy that includes a combinationof standard coverage components, in accordance with an embodiment of theinvention;

FIG. 6B shows an exemplary optimized insurance policy that includesstandard coverage components and an optional coverage component, inaccordance with an embodiment of the invention;

FIG. 7 is a first exemplary system, in accordance with an embodiment ofthe invention;

FIG. 8 illustrates a process of providing insurance coverage that may beused in connection with various embodiments of the invention;

FIG. 9 is a second exemplary system, in accordance with an embodiment ofthe invention;

FIG. 10 is a third exemplary system, in accordance with an embodiment ofthe invention;

FIG. 11 is a flow chart showing the steps of a data-driven processimplemented by an enhanced attributes analysis server, in accordancewith an embodiment of the invention;

FIG. 12 is a flow chart showing the steps of a customer-driven trade-offprocess implemented by an enhanced attributes analysis server, inaccordance with an embodiment of the invention;

FIG. 13 shows a first user interface screen for inputting informationused by an enhanced attributes analysis server in presenting insuranceoptions to a potential customer/customer, in accordance with anembodiment of the invention;

FIG. 14 shows a second user interface screen for inputting informationused by an enhanced attributes analysis server in presenting insuranceoptions to a potential customer/customer, in accordance with anembodiment of the invention;

FIG. 15A shows a third user interface screen presenting a detailedinsurance option based on customer information entered in previousscreens, in accordance with an embodiment of the invention;

FIG. 15B shows a detailed view of the upper section of the screen shownin FIG. 15A, in accordance with an embodiment of the invention; and

FIG. 15C shows a detailed view of the lower section of the screen shownin FIG. 15A, in accordance with an embodiment of the invention.

DETAILED DESCRIPTION

Generally, insurance is an agreement by which an insurer, sometimesreferred to as an underwriter, in exchange for consideration, undertakesto indemnify the insured party against loss, damage, or liabilityarising from certain risks. The consideration paid by an insured partyis typically referred to as a premium, which is paid to keep theinsurance in effect. In general, an insurance policy is a contract ofinsurance that defines the rights and duties of the contracting parties.A typical insurance policy includes limits on the amount and type ofrisk that the insurer will cover.

Systems and methods consistent with aspects of the present inventionprovide consumers with insurance products that may help them addresssome of their individual needs or wants by including features that aparticular group may find desirable or appropriate. For the purposes ofthis application, features may include coverages, terms, and rewards.Generally, a coverage provides a protection or indemnification to theinsured. A term includes any word, phrase, or provision of import thatdetermines the nature and scope of an agreement, such as the coveragegrant in an insurance coverage or the premium charged. A reward mayinclude a discount, credit, or benefit provided to the insured upon theoccurrence of a specified event.

When a feature is not included in a group, that particular feature isreferred to as an ala carte feature. Ala carte features refer tocoverages, terms, and rewards that are selected by the insured on anindividual basis for inclusion in an insurance product.

Features may be grouped together to form a package. For example, onegrouping may form a value package for price conscious consumers, anothergrouping may form a protection plus package providing additionalfeatures, and yet another grouping may form a platinum package includingyet more additional features. An insurance product may also include astandard package that includes coverages required by state law, such asbodily injury liability coverage and property damage liability coverage.Coverages in a standard package may also include personal injuryprotection coverage, medical payment coverage, uninsured motoristcoverage, underinsured motorist coverage, collision coverage, andcomprehensive coverage.

Most states mandate minimum types and levels of automobile insurancecoverage. For example, a state may require liability coverage withmandated minimum coverage limits. Depending upon the particular state,some common coverages may be mandatory or optional. Other coverages,such as collision and comprehensive, may be required by banks orfinancial institutions as a prerequisite to obtain vehicle financing.

In the marketplace today, an automobile insurance product offering mightinclude standard coverages required by state law and/or financialinstitutions. A standard package includes coverages and coverage limitsthat meet minimum state law requirements. A standard package may alsoinclude other coverages that are required by financial institutions.Additionally, insurance companies may offer coverages and coveragelimits that are not required by state law or by financial institutions.Coverage examples include towing reimbursement and car rentalreimbursement.

Automobile insurance consumers find value in optional coverages designedaround potential risks uniquely associated with driving and or repairingof vehicles. Some examples include towing and emergency repair coverage.A car rental reimbursement coverage may help pay for the use of a rentedvehicle while the insured vehicle is being repaired due to a loss causedby a covered peril. Other personal coverages are also offered in theevent certain covered perils occur.

The following provides a summary of an exemplary basic optimizedpackage, two additional optimized packages, and various exemplary alacarte features that may be added by a consumer to one of the optimizedpackages. For example, a basic package might include a reduced premiumby adding in a few terms. It is designed as an alternative for thecustomer particularly concerned about price. In particular, a customermay be required to participate in an arrangement that automaticallymakes periodic (for example, monthly) deductions from the insured'ssavings or checking account to pay the premium and other charges or feesassociated with the insurance. Customers will be charged an earlytermination fee (such as $100) if the insurance is terminated by theinsured, which might include the insured's failure to accept a renewaloffer, or terminated for non-payment of premium, within a specifiedperiod of time after the package is added.

Another optimized package might offer an accident waiver enhancementfeature and a safe driving deductible reward feature. The accidentwaiver enhancement feature might specify that the first rate-affectingaccident that occurs will not cause the loss of certain discounts orresult in the application of any accident surcharges. Subsequent rateaffecting accidents will not cause the loss of the discounts or theapplication of any accident surcharges if the insured has not receivedthis waiver in the thirty-six month experience period ending on the dateof the accident. Similarly, a ticket forgiveness feature might specifythat a ticket for a traffic violation will not cause the loss of certaindiscounts or result in a policy not being renewed.

The safe driving deductible reward feature might provide, uponenrollment, that the customer will receive an initial reduction (such as$100) in his or her collision deductible. For each twelve monthexperience period the policy is not assigned an accident, the insuredwill receive an additional reduction (up to a maximum $500 reduction) intheir collision deductible that will apply to all covered collisionclaims during the next policy period.

Yet another optimized package might offer an accident waiver enhancementplus feature, a safe driving deductible reward feature, and a safedriving bonus feature. With the accident waiver enhancement plusfeature, neither a single accident nor multiple accidents will cause theloss of certain discounts or the application of accident surcharges aslong as the accidents occur while this feature is part of the policy.The safe driving bonus feature may provide if the policy is not assignedan accident for a designated six-month experience period, the insuredwill receive 5% of their previous term's premium for major coverages asa credit that can be applied toward the next six-month premium.

Both of the above-described exemplary optimized packages may also allowthe customer the opportunity to add, for an additional premium, anadditional feature in the form of a new car expanded protection coveragefeature on an automobile that has collision and comprehensive coverages.The coverage provided by this feature will continue while collision andcomprehensive coverages are maintained and will be removed at the firstrenewal that is effective in the calendar year that is three yearsgreater than the auto's model year.

The new car expanded protection coverage feature may provide that, inthe event of a covered loss to an automobile other than a total loss,the insurance carrier will pay to repair the auto without a deductionfor depreciation. The repair coverage may not apply to losses caused byfire, theft, larceny, or flood. Furthermore, the amount payable will bereduced by any amounts paid or payable under the collision orcomprehensive coverages as well as any applicable collision orcomprehensive deductible.

The new car expanded protection coverage feature may also provide that,in the event of a covered total loss, the insurance carrier will pay toreplace the automobile with a new one of the same make and model withthe same equipment or, if a new automobile of the same make and modelwith the same equipment is not available, a new automobile that issimilar in size, class, body type and equipment (subject to a pricelimitation described in the coverage). The replacement coverage may notapply to leased vehicles or to losses caused by fire, theft, larceny, orflood. Furthermore, the amount payable will be reduced by any amountspaid or payable under the collision or comprehensive coverages, anyapplicable collision or comprehensive deductible, and the dollar amountof any unrepaired damage that occurred prior to the total loss of theautomobile.

The new car expanded protection coverage feature may also provide that,in the event of a covered total loss, if the amount the customer owesunder the original automobile loan or automobile lease exceeds theactual cash value of the automobile at the time of loss, the insurancecarrier will pay the difference between the amounts. The amount payablemay be reduced by any overdue loan or lease payments (and any financialpenalties associated with those overdue payments), the transfer orrollover of a previous outstanding loan or lease balance from anothervehicle to the original loan or lease for the covered automobile, thedollar amount of unrepaired damage which occurred prior to the totalloss, all refunds paid or payable to the customer as a result of theearly termination of the automobile loan or automobile lease agreement(including financed warranty/extended service contracts), and any amountpaid or payable under the replacement protection of the new car expandedcoverage protection feature.

In forming the above exemplary packages that are offered for sale by aninsurance carrier, one forming the package offerings might decide toconsider consumer “need states” to group features into packages offeredfor sale. Need states refer to the complex web of rational andsubconscious triggers that prompt a consumer to make a productselection. Need states may be prompted by a consumer deciding that he orshe needs or wants to obtain a product. Furthermore, they are generallya result of an individual's situation at a particular point in time.Life stage events, such as a new driver in the family, shift consumers'need states. Of course, automobile insurance consumers may have variedcircumstances, and consequently, differing insurance needs and wants.One may be a student with limited resources, and as a result, mightselect state mandated coverage. Another may be near retirement andfocused on protection of assets and convenience of services.

Systems and methods consistent with aspects of the present inventionidentify distinct groupings of insurance consumers with similar needstates and identify the most commonly desired optional features thatconsumers might chose to help meet their needs. Optional features arethen combined by the system into optimized packages of insuranceproducts that are offered for sale to consumers. By grouping featuresinto packages that align with common need states, the offered productswill be attractive to persons in need states that were considered whendesigning the packages.

An “optimized package” includes a set of insurance features that arepackaged to help address the needs and wants of consumers in aparticular grouping (e.g., geographic or demographic based groups,etc.). Ala carte features may also be optimized. For example, ala cartefeatures may be optimized by grouping certain ala carte featurestogether that share an attribute. Accordingly, both optimized featuresand optimized ala carte features include coverages, terms, and rewardsthat are selected from a group that shares an attribute. The sharedattribute allows the features to be grouped around a common theme. Forexample, a value grouping may include features designed around lowerprice. A protection theme may include features optimized aroundprotecting assets. For the most part, features are grouped to share anattribute, however, features that are grouped around a common theme mayalso include one or more features that do not share the common theme orare based on a regional theme.

More than one package may be grouped together to form a “plan.” A planrefers to a grouping of a standard package with at least one optimizedpackage of features. A consumer may also add ala carte features, oroptimized ala carte features, to a plan on an individual basis.

The process by which packages are designed may involve consideration ofmarket theories. When looking to a market, one needs to identify theindividuals that might decide to purchase a product. A group of personsthat may be interested in or share a need for a particular product orproducts is defined as a target population. Accordingly, the targetpopulation is the group to be reached through some action orintervention and may refer to groups with specific characteristics.

Market segmentation refers to the process of grouping persons in atarget population into smaller subgroups called market segments. Amarket segment is a group within a heterogeneous market consisting ofconsumers or organizations with relatively homogeneous needs and wants.Consumers in a market segment are expected to respond to a given set ofmarketing stimuli in a similar manner. Ideally, individuals within amarket segment will likely have similar feelings about a marketing mixcomprised of a given product, sold at a given price, distributed in acertain way, and promoted in a certain way. Accordingly, a marketsegment is a more specifically defined group within the targetpopulation.

A target population or a market segment may share one or more commoncharacteristics that statistically describe the persons within thetarget population or market segment. Characteristics may include gender,age, occupation, marital status, and family size. As will be discussedfurther below, other characteristics that a target population may shareinclude credit risk, level of risk tolerance, value of assets needed tobe protected, willingness of a person to pay more for a lowerdeductible, and desire for predictable out-of-pocket expenses annually,among other things.

To select features that might appeal to a particular target populationor market segment, features may be grouped together along marketingdemand parameters. Groups of features are offered in different productstructures, which are discussed in further detail below. Utility-basedgroupings maximize product acceptance of product packages bystatistically predicting consumer demand based on multidimensionalanalysis of consumer motivations. These motivations are then compiledthrough a demand simulator to identify and target product requirementsthat may be attractive to various segments of the consumer population. Ademand simulator measures overall demand potential as well as consumerpreferences for various product features and brands. By using a demandsimulator, it is possible to identify the features that consumers mightwant most, and then measure the price they are willing to pay for them.Demand simulators are discussed more fully below.

For example, certain features have more universal consumer appeal whileother features appeal to a specific consumer characteristic. Anoptimization process creates focused sets of features. The process mayorganize product packages around central motivation factors, such asprice points and common feature acceptance. Using feature interest as amotivating factor, the most popular features can be grouped to form aset of features that are both universally popular and provide anacceptable profit to an insurance carrier.

Differentiation is introduced by adding features to packages thatspecifically address the motivations of a specific consumer group. Forexample, some consumer groups are interested in security features, whileothers may have young drivers in the household. Because some consumersare highly driven by features while others are driven by price, packagestructures may be optimized based on price to motivate a consumersegment. Alternatively, package structures may be optimized based onfeatures that appeal to less price-sensitive members of the consumerpopulation. In addition, some optimized package structures may be basedupon both price and feature considerations.

Insurance products generated according to the present invention may beoffered for sale in a variety of manners. For example, consistent withthe present invention, optimized packages may be offered through anyform of visual display, either electronically or by the use ofbrochures, posters, signs, standing displays, and any other form ofvisual and/or written communication. In addition, one may offeroptimized packages through an insurance carrier's agents in person, overthe telephone, or via the Internet. In an Internet implementation, orover the telephone using a voice recognition system, such interactionsmay occur automatically.

Reference will now be made in detail to exemplary embodiments of theinvention, examples of which are illustrated in the accompanyingdrawings. Wherever possible, the same reference numbers will be usedthroughout the drawings to refer to the same or like parts.

FIG. 1 is a flow chart for optimizing customizable insurance products,in accordance with an embodiment of the invention. One may optimizeinsurance products by designing packages using a process that takes intoaccount the considerations discussed in further detail below.

First, features are identified as candidates to be offered as part ofvarious packages, which together form an insurance product. Step 110. Toidentify those features that one might consider as candidates, businessperformance data may be analyzed. Business performance data may includedifferent subsets of data obtained by collecting existing informationfrom the marketplace to analyze for trends and to understand thelandscape of available options. A possible subset of businessperformance data is market-share data, which includes industry data usedto evaluate current levels of market share for particular consumers todetermine demand generated by specific product offerings. In this stepof the process, one might identify a target population and/or a marketsegment.

Other categories of data considered in this step includeindustry-product-offering data and internal-pricing data.Industry-product-offering data includes an evaluation of the productsand features offered in policies from various insurance carriers. Inaddition, this data may be supplemented by internal pricing dataproprietary to the insurance carrier conducting the demand simulation.

Internal-pricing data may include the insurance carrier's premiums,loss, and expense data so that the cost of features can be taken intoaccount. Internal-pricing data allows one to compare a specificinsurance carrier's ability to provide a product to consumers at a priceconsumers are willing to pay. Other ways of arriving at candidatefeatures include brainstorming with experts, examining the current andpast marketplace, and by soliciting and receiving suggestions and inputfrom consumers and agents.

Next, the cost of each candidate feature is determined. Step 120. Indetermining costs of the candidate features, the losses that areexpected for a particular feature are examined when determining thepremium that consumers will pay.

Once candidate features and costs are determined, the demand for eachfeature in the marketplace is evaluated. Step 130. During theevaluation, consumer preferences are evaluated to form price utilitycurves, which are created after conducting consumer research to betterunderstand consumer preferences for each feature or combination offeatures.

The process of evaluating demand may include collecting informationusing focus groups selected from different geographic regions. Forexample, persons participating in focus groups can be selected acrossall age groups that have actively shopped for insurance during anappropriate time frame. Selection of groups may occur on the basis ofany identified target population and/or market segment. During thisstep, features may be eliminated from further consideration based uponthe focus groups' preferences. In addition, focus groups may providesurvey information identifying the price each individual was willing topay for certain features. Such considerations may involve an evaluationof sample packages containing different combinations of features offeredat different prices.

Next, features may be grouped into possible packages. Step 140. Duringthis step, cost prohibitive features may be eliminated from packagesbecause consumers may not be willing to pay the price of a particularfeature. Also, strategic alternatives data may be examined, includingprice-point data and variable-feature-level data. Price point dataincludes an evaluation of a particular insurance carrier's currentprices to competitors' prices and includes an evaluation of the impactof adding packaged features. Variable feature level data may beconsidered to describe the most compelling packages of features.Variable feature level data is derived from consumer research andincludes uniqueness and differentiation of features to evaluate the bestfeatures and how features should be grouped in packages.

In addition, incremental costs of strategic alternatives data includesvariable-feature-cost data and fixed-cost-investments data.Variable-feature-cost data describes an insurance carrier's proprietaryloss and expense data and is used to determine a cost to offer a givenfeature. Fixed-cost investments data takes into account systems,infrastructure, and other costs associated with implementation of anoptimized product architecture.

When designing packages, another concept that may be incorporated intothe process is that of self-selection. For example, packages shouldinclude features that appeal to consumers in a particular need statesuch that these consumers will recognize the value of a particularpackage and consider including it in their insurance selections.

Next, demand is simulated using a demand simulator. Step 150. The demandsimulator estimates the number of individuals that will purchase aparticular product offering. Optimization of packages is accomplished byiteratively trying all possible package combinations or by determiningwhich features may be substituted for other features in the most optimalpackages to arrive at a set of features that provides an arrangement offeatures that a consumer would find of value.

The demand simulator may be implemented as a software module, whichprocesses data provided to it. During the operation of the demandsimulator, user input may provide the ability to select differentfeatures and to alter inputs to the module. Consistent with the presentinvention, processing may also occur automatically at the direction ofoptimization software including automated logic.

Features that are used by the demand simulator may be selected withutility-based product segmentation. As discussed above, price-utilitycurve data may be used to determine packages. A utility value for eachfeature may be determined through consumer research to identify thefeatures most attractive to the overall target population as well as tosubsets of the target population that form market segments. Features arethen grouped into packages, and groups of packages form an insuranceproduct.

After the demand simulator provides an initial processing of features, auser may decide whether to simulate demand again. Step 160. If the userdecides to stop, the process ends. If the user decides to continue, theprocess goes to Step 170. In Step 170, processing may be further refinedby re-examining costs of packages by examining different featurecombinations based on particular judgment criteria. For example, if thecost of offering a particular package is high, it may be identifiedusing variable-feature-cost data and fixed-cost investment data, asdescribed above in connection with Step 120.

After inspecting the costs, certain features may be removed or added topackages. Step 180. User input may further provide the ability to selectdifferent features and to alter inputs to the module. The process thenreturns to simulate demand for the newly modified packages. Step 150.

FIG. 2 shows an exemplary chart comparing feature relevance and featuredifferentiation used to perform analysis used in optimizing features forpackages. By plotting the data as shown in FIG. 2 , it is possible todetermine a feature set 205 that includes features that are highlyrelevant and distinctive. Such a process may be done for an entirepopulation to arrive at feature set 205 and may also be done forsub-segments based on characteristics common to the sub-segments todetermine the packages that most appeal to a particular group orsubgroup.

Accordingly, research may be performed to identify a target populationand a set of insurance features desired by the target population. Theset of insurance features are bundled into an insurance package. A costof the insurance package may be determined and the insurance package maybe offered for sale.

Furthermore, the research to identify the insurance features may becarried out through an optimization process, as described above. In someembodiments, the optimization process is based upon consumer factors. Inother embodiments, the optimization process is based also upon financialcriteria that provide the insurance company with an acceptable profit.The research may also include examining common characteristics of thetarget population or of a market segment within the target population.

This procedure may be repeated for additional market segments. A set ofala carte features may also be identified and a cost for each of the alacarte features may also be identified, along with determiningcorresponding prices for the ala carte features and offering the alacarte features for sale at the corresponding prices.

In one embodiment of the invention, an optimized package includes abasic set of insurance features and may be offered for sale along withthe insurance package. A standard package may include a set of insurancefeatures required by a governing law. Alternatively, a standard packagemay also include a set of insurance features required by a financialinstitution.

For example, an optimized package may additionally include a set ofinsurance features created by performing research to identify a targetpopulation or a market segment. Alternatively, a standard package mayalso be combined with the optimized package to form a plan. Sets ofadditional insurance features may also be selected to form additionalpackages. Each plan may include a standard package and an optimizedpackage.

In addition, a third party may sell optimized packages without astandard package. Such a situation might involve a third party's sale ofoptimized packages as additions to an existing insurance product. Aninsurance carrier has sold the existing insurance product to a consumer,who has then gone to a third party from which the consumer may obtainthe optimized packages. The optimized packages, however, may be createdor selected consistent with the principles of the present invention.

FIG. 3 is an exemplary method of selling insurance, in accordance withan embodiment of the present invention. As shown in FIG. 3 , a consumeris offered a variety of options. For example, a consumer may only wantto purchase a basic insurance product. That consumer may select astandard package 308. Alternatively, the consumer may select a valueplan 302, which includes a standard package 304 and a value package 306with additional features.

However, if a consumer would like to purchase more than a basicinsurance product, the consumer may select from optimized package group310. FIG. 3 includes two exemplary optimized packages: a protection plusplan 312 and a platinum plan 318. Protection plus plan 312 includes astandard package 314 and a protection plus package 316. Protection pluspackage 316 may include features such as a repair/replace feature and aloan/lease-gap coverage feature. Alternatively, the consumer may selectplatinum plan 318, which includes a standard package 320 and a platinumoptions package 322. Platinum options package 322 may include featuressuch as a repair/replace feature, a loan/lease-gap coverage feature, amonetary death indemnity feature, and a full roadside assistancefeature.

In addition, the consumer may select from optimized ala carte features324. Optimized ala carte features 324 are individual features soldseparately as add-ons to certain optimized packages. Optimized ala cartefeatures 324 have been keyed as a group to share an attribute. Inaddition, the consumer may also select from a general group of ala cartefeatures 326 that have not been optimized. As shown in FIG. 3 , thereare many possible combinations and variations from which a consumer mayselect to form an insurance product.

FIG. 4 shows an exemplary insurance product comprising packages selectedfrom FIG. 3 . The example shown in FIG. 4 displays a possible selectionthat a consumer may make from the options provided in FIG. 3 to forminsurance product 402. Insurance product 402 includes protection plusplan 312, which includes standard package 314 and protection pluspackage 316. In addition, insurance product 402 includes several alacarte features labeled A, B, and C, which may or may not be optimized.

FIG. 5 is another exemplary method of selling insurance in accordancewith an embodiment of the invention. In the method shown in FIG. 5 , aconsumer combines packages in a linear fashion to form an insuranceproduct. For example, the consumer selects a standard package 502. Sincestandard package 502 meets the minimum requirements for an insuranceproduct, the consumer may decide only to purchase standard package 502.However, the consumer may also decide to select additional optimizedpackages from optimized package group 504. For example, the consumer mayalso select optimized options package 506, which is considered a “basic”optimized package. In addition, however, the consumer may also selectoptimized options package 508 and/or optimized options package 510.These additional optimized packages are considered “premium” packagesbecause they offer additional features at a cost greater than the basicoptimized package. Furthermore, optimized packages 506-510 may includefeatures optimized in a manner consistent with the present invention. Insome embodiments, a consumer may be required to first select, forexample, a particular optimized options package before the consumer mayselect a further optimized package. Such a “tiered” arrangement requiresthe purchase of an initial optimized package as a prerequisite beforeadditional optimized packages may be purchased.

Once the consumer has selected optimized options package 508 oroptimized options package 510, the consumer may also select any one ormore optimized ala carte features 512. Additionally, a consumer that hasselected any one of optimized options packages 506-510 may also selectone or more ala carte features 514. As shown in FIG. 5 , there are manypossible combinations and variations from which a consumer may select toform an insurance product.

FIG. 6 shows an exemplary insurance product comprising packages fromFIG. 5 . The example in FIG. 5 shows a possible selection that aconsumer may make to form insurance product 602. Insurance product 602includes standard package 502, optimized package 506, and optimizedpackage 508. In addition, insurance product 602 includes several alacarte features A, B, and C, which may or may not be optimized.

Those skilled in the art will appreciate that aspects of the inventionmay be applied to create a variety of different insurance products. Theinsurance products may include combinations of optimized components,optimized combinations of standard components and combinations of both.FIG. 6A, for example, shows an optimized insurance policy 604 thatincludes a combination of standard coverage components 606, 608 and 610.In one implementation, optimized insurance policy 604 is a homeowner'sinsurance policy. FIG. 6B illustrates an exemplary optimized insurancepolicy 620 that includes standard coverage components 622 and 624 and anoptional coverage component 626. Optional coverage component 626 mayinclude a grouping of insurance features that share a common attribute.

FIG. 7 illustrates a system 700 that may be used to implement at leastsome of the methods described above, in accordance with an embodiment ofthe present invention. System 700 includes a server 705, connected to anetwork 760, including a CPU 720 and a memory 730. Software loaded intomemory 730 from, for example, a disk drive (not shown) at the directionof CPU 720 may be used to implement a program for optimizing insurancein a manner consistent with various embodiments of the presentinvention. For example, the software may execute instructions forperforming demand simulation to analyze data and to form optimizedpackages. In addition, memory 730 may store, for example, a database(not shown) of market data and store research conducted to designpackages.

Additionally, network 760 provides communications between the variousentities in system 500, such as user terminals 770-790. Network 760 maybe a shared, public, or private network and encompass a wide area orlocal area. Further, network 760 may be implemented through any suitablecombination of wired and/or wireless communication networks. By way ofexample, network 760 may be implemented through a wide area network(WAN), local area network (LAN), an intranet, or the Internet.

Terminals 770-790 allow a user to exchange information with server 760.Terminals 770-790 may be any type of appropriate device forcommunicating with server 705 over network 760. For example, terminal770 may be a PDA running a program for communicating with server 705,while terminal 780 may be a desktop type computer running a web browserfor communicating with server 705 via the Internet. Terminal 790 may bea standard landline telephone or wireless phone.

Users may access server 705 via network 760 to customize an automobileinsurance product through a web browser running on, for example,terminal 780. A website may include options to provide information or tofill out an application, and may present the user with a series ofscreens prompting the user to make various selections. The user may makeappropriate selections to customize the insurance product. Additionally,a user at terminal 790, a telephone, may contact a consumer servicerepresentative at terminal 750. The consumer service representative mayassist a consumer through a process that the customer can use toconsider options for customizing an insurance product by asking a seriesof questions. During the process, the consumer service representativemay use software running on terminal 750, and may send data to and fromserver 705.

Aspects of the invention may be used in connection with automobileinsurance, homeowner's insurance and other types of insurance. One ofskill in the art will readily recognize how to adapt the methodologydescribed above to a variety of areas of insurance. For example,consistent with aspects of the present invention, an insurance carriermay expand its homeowner's insurance offerings to consumers byidentifying features with appeal and profitability to design packages ofrelated features at different pricing points. Customizable homeowner'sinsurance may include a standard package of typical coverages, and aconsumer may further select optimized packages of features in a mannersimilar to that discussed above.

A homeowner's insurance product typically covers a building orstructures on the premises and household personal property. A typicalhomeowner's insurance product usually also includes certain personalliability coverage and coverage for medical payments to others.Additional coverages or features are purchased ala carte.

Homeowner's insurance consistent with aspects of the present inventionprovides optional coverages that reflect different lifestyles and lifestage needs. In particular, by implementing a methodology consistentwith that described above, one may also create optimized homeownerpackages. Optimized solutions may include coverages that are popularwith most homeowners, as well as optimized coverages, that align withthe wants and needs of a given consumer. Consumers may be offeredoptimized packages of coverages and terms that share a common attribute.Common attributes may relate to electronic data recovery, homeenterprises, identity restoration, music & photography, prizedpossessions, jewelry, sports & leisure, yard & garden or other areasthat present particular liability concerns to at least a group ofconsumers.

Optional insurance component 626 (shown in FIG. 6B) may include agrouping of insurance features that share a common attribute, such asone of the attributes described above. An electronic data recoverycomponent may provide reimbursement for expenses incurred from anattempt to restore lost data resulting from a covered loss or computervirus. The coverage may have a limit, such as $5,000. A home enterprisecoverage component may bundle increased limits for consumers who workfrom their home in an office/studio setting and desire additionalprotection for business property, liability, and/or office/studioequipment and furniture. In one embodiment of the invention, a homeenterprise coverage component includes the features of an electronicdata recovery component. An identity restoration component may reimburseconsumers for lost wages and other covered expenses resulting fromidentity theft. The coverage may have a limit, such as $25,000 and mayhave no deductible. A music & photography component may include a bundleof increased limits for consumers who have musical instruments andphotography equipment. A prized possessions component may include abundle of increased coverage limits for consumers who have acquiredcertain types of assets, such as silverware, jewelry, furs, etc. Asports & leisure component may include a bundle of increased limits forconsumers who have sports equipment and/or small watercraft.

A yard & garden component may include a bundle of increased limits fortrees, shrubs, landscaping and other plants. The bundle may includecoverage for motorized land vehicles used to service the residencepremises. An increased limit, such as 10% or $1,000 per tree, may beincluded for replacement and debris removal of trees for certain perils.In certain embodiments increased debris removal coverage may be includedin the bundle for the perils such as windstorm, hail, weight of ice,snow and sleet.

One of skill in the art will appreciate that aspects of the inventionmay be used to create insurance coverage packages that include standardhomeowner's coverage components and at least one homeowner's componenthaving a grouping of insurance features that share other commonattributes. Exemplary common attributes may relate to home valueprotection, identity theft, blanket protection of valuables, limitedpersonal umbrella policy coverage and any other attributes orcombination of attributes that are desired by at least a group ofconsumers.

FIG. 8 illustrates a process of providing insurance coverage that may beused in connection with the embodiments of the invention describedherein. A customer 802 pays a premium 804 to an insurer 806. The premiumis provided in exchange for insurance coverage described in an insurancepolicy 808. Insurer 806 provides indemnification 810 to customer 802when an event covered by insurance policy 808 occurs.

Personal automobile and homeowners insurance are examples of propertyand casualty insurance offerings. One skilled in the art will recognizethat the above-described methodology is applicable to other types ofinsurance products as well, such as commercial insurance for businesscustomers. In addition, an insurance carrier may offer annuity productsto consumers for retirement or financial planning purposes byidentifying features with appeal and profitability to design packages ofrelated features at different pricing points or expense levels.Customizable annuity products may include a standard annuity withtypical accumulation, return, and payout features. A consumer mayfurther select enhanced packages of features in a manner similar to thatdiscussed above for automobile insurance.

Additional embodiments of the present invention are possible, eachdesigned to cover other classes of insurable risk, including but notlimited to, mortality risk and life insurance products; morbidity riskand health and long-term care insurance products; as well asprofessional practice risk and liability insurance.

Although not common in today's marketplace, it is possible to apply thedisclosed methodology to so-called hybrid or multi-risk products thatcombine the coverages of two or more products from different classes ofinsurance risk into a single product. Customizable hybrid products mayinclude a standard package across two or more risk classes with typicalfeatures in each class and a consumer may further select enhancedpackages of features in a manner similar to that discussed above forautomobile insurance.

In other aspects, the present invention provides systems and methods forallowing an entity (e.g., an insurance company) to present insuranceproduct options to a potential customer/customer by accessinginformation stored about the entity's current customers that may shareone or more attributes with the potential customer/customer (e.g., todetermine the need states of the potential customer/customer).

FIG. 9 illustrates a block diagram of an enhanced attributes analysisserver 901 (e.g., a computer server) in communication system 900 thatmay be used according to this illustrative embodiment of the disclosure.The server 901 may have a processor 903 for controlling overalloperation of the enhanced attributes analysis server 901 and itsassociated components, including RAM 905, ROM 907, input/output module909, and memory 915.

I/O 909 may include a microphone, keypad, touch screen, and/or stylusthrough which a user of enhanced attributes analysis server 901 mayprovide input, and may also include one or more of a speaker forproviding audio output and a video display device for providing textual,audiovisual and/or graphical output. Software may be stored withinmemory 915 and/or storage to provide instructions to processor 903 forenabling server 901 to perform various functions. For example, memory915 may store software used by the server 901, such as an operatingsystem 917, application programs 919, and an associated database 921.Processor 903 and its associated components may allow the server 901 torun a series of computer-readable instructions to present an insuranceproduct/plan offering for a potential customer/customer of an entity(e.g., an insurance company) managing server 901. For instance,processor 903 may perform this operation by processing data associatedwith the potential customer/customer to determine various attributes ofthe potential customer/customer. In addition, processor 903 may access adatabase storing information related to insurance coverage detailsassociated with current customers of the entity managing server 901.Further still, processor 903 may determine which current customers haveattributes similar to those of the potential customer/customer beingevaluated; once a matching set of current customers is found, processor903 may use the insurance product/plan details of the matched customersto determine an insurance product/plan offering for the potentialcustomer/customer.

The server 901 may operate in a networked environment supportingconnections to one or more remote computers, such as terminals 941 and951. The terminals 941 and 951 may be personal computers or servers thatinclude many or all of the elements described above relative to theserver 901. Alternatively, terminal 941 and/or 951 may be data storesfor storing insurance product details related to current customers of anentity managing server 901. The network connections depicted in FIG. 9include a local area network (LAN) 925 and a wide area network (WAN)929, but may also include other networks. When used in a LAN networkingenvironment, the server 901 is connected to the LAN 925 through anetwork interface or adapter 923. When used in a WAN networkingenvironment, the server 901 may include a modem 927 or other means forestablishing communications over the WAN 929, such as the Internet 931.It will be appreciated that the network connections shown areillustrative and other means of establishing a communications linkbetween the computers may be used. The existence of any of variouswell-known protocols such as TCP/IP, Ethernet, FTP, HTTP and the like ispresumed.

Additionally, an application program 919 used by the enhanced attributesanalysis server 901 according to an illustrative embodiment of thedisclosure may include computer executable instructions for invokingfunctionality related to generating a series of questions aimed atdetermining current customers that have similar attributes to apotential customer/customer.

Enhanced attributes analysis server 901 and/or terminals 941 or 951 mayalso be mobile terminals including various other components, such as abattery, speaker, and antennas (not shown).

The various embodiments of the invention are operational with numerousother general purpose or special purpose computing system environmentsor configurations. Examples of well-known computing systems,environments, and/or configurations that may be suitable for use withembodiments of the invention include, but are not limited to, personalcomputers, server computers, hand-held or laptop devices, multiprocessorsystems, microprocessor-based systems, set top boxes, programmableconsumer electronics, network PCs, minicomputers, mainframe computers,and distributed computing environments that include any of the abovesystems or devices, and the like.

Embodiments of the invention may be described in the general context ofcomputer-executable instructions, such as program modules, beingexecuted by a computer. Generally, program modules include routines,programs, objects, components, data structures, etc. that performparticular tasks or implement particular abstract data types.Embodiments of the invention may also be practiced in distributedcomputing environments where tasks are performed by remote processingdevices that are linked through a communications network. In adistributed computing environment, program modules may be located inboth local and remote computer storage media including memory storagedevices.

Referring to FIG. 10 , an illustrative system 1000 for implementingmethods according to embodiments of the invention is shown. Asillustrated, system 1000 may include one or more workstations/servers1001. Workstations 1001 may be local or remote, and are connected by oneor more communications links 1002 to computer network 1003 that islinked via communications links 1005 to enhanced attributes analysisserver 901. In certain embodiments, workstations 1001 may store customerdata used by server 901 for presenting insurance plan/product options toa potential customer/customer of the entity managing server 901, or, inother embodiments, workstations 1001 may be different points at whichthe enhanced attributes analysis server 901 may be accessed. In system1000, enhanced attributes analysis server 901 may be any suitableserver, processor, computer, or data processing device, or combinationof the same.

Computer network 1003 may be any suitable computer network including theInternet, an intranet, a wide-area network (WAN), a local-area network(LAN), a wireless network, a digital subscriber line (DSL) network, aframe relay network, an asynchronous transfer mode (ATM) network, avirtual private network (VPN), or any combination of any of the same.Communications links 1002 and 1005 may be any communications linkssuitable for communicating between workstations 1001 and server 901,such as network links, dial-up links, wireless links, hard-wired links,etc.

The steps that follow in the Figures may be implemented by one or moreof the components in FIGS. 7, 9, and 10 and/or other components,including other computing devices.

In certain aspects, server 901 may present insurance product/planoptions based on similarities between attributes of current customers ofthe entity managing server 901 and attributes of a potentialcustomer/customer being evaluated for a new insurance product/plan. Forinstance, server 901 may evaluate these similarities based on a commonlife-phase scenario (e.g., college graduate, newly married, first child,retired, death in the family, death of spouse, etc.) that the potentialcustomer/customer shares with current customers of the entity managingserver 901.

In other aspects, server 901 may present insurance package/plan optionsto a potential customer/customer by examining the social network of thepotential customer/customer (e.g., via Twitter®, Facebook®, etc.) Inthis aspect, server 901 may interface with the social network of thepotential customer/customer and may determine the insuranceproducts/plans preferred by various members of the social network.Server 901 may then present some or all of the features associated withinsurance products preferred by the social network to the potentialcustomer/customer. In addition, server 901 may involve the socialnetwork of a potential customer/customer after an initial insuranceproduct has been presented to the potential customer/customer. In thisaspect, server 901 may present the same or a similar insurance productoption to each member of a social network of a potentialcustomer/customer.

Upon receipt of a request for a new insurance product/plan, server 901may process any customer data (e.g., name, address, driver's licensenumber, answers to a predetermined set of questions, etc.) accompanyingthe request and may use this information to access more informationstored in external databases (e.g., credit bureau, mortgage records,motor vehicle accident history, etc.) about a potential insurancecustomer/insurance customer. Server 901 may then compile the customerdata and information from the external databases to determine a set ofattributes that may be relevant to a determination of an insuranceproduct/plan for the potential insurance customer/insurance customer.These attributes may include any number of things, including the currentresidence of the potential customer/customer, number of automobilesowned by the potential customer/customer, value of a home owned by thepotential customer/customer, credit score of the potentialcustomer/customer, etc.

Once the attributes of the potential customer/customer are determined,server 901 may access a database (e.g., workstations 1001, etc.) storingdata about attributes and insurance coverage details associated withcurrent customers of the entity managing server 901. Then server 901 maydetermine which of the current customers have attributes that matchthose of the potential customer/customer being evaluated. Once aselection of similar current customers has been determined, server 901may present one or more features associated with the insuranceproducts/plans of the matched current customers to the potentialcustomer/customer being evaluated. In some embodiments, server 901 mayfurther refine presented insurance product/plan options by determining aset of trade-off offerings (e.g., those based on various levels of cost,coverage, etc.). One of ordinary skill in the art would understand thatserver 901 may present any number of insurance products, including thosefor automobile, home, and life insurance, among other things.

For instance, in presenting features for an automobile insurance policyto a potential customer, server 901 may access a database storing dataabout attributes and automobile insurance coverage details associatedwith current customers of the entity managing server 901. In particular,the database may store information related to bodily injury limits,liability, collision, and/or comprehensive coverage associated withautomobile insurance policies of current customers. By comparingrelevant attributes of the potential customer with those of the currentcustomers, server 901 may determine that a majority (greater than 50percent) and/or plurality of current customers whose attributes aresimilar to the potential customer have automobile insurance productsthat have certain features. Server 901 may then proceed to present anautomobile insurance policy option that has these features (e.g., apredetermined bodily injury limit (e.g., $20,000), liability ($10,000),collision ($10,000), and/or comprehensive ($15,000) coverage). In someaspects, the presented features may represent a range of values ratherthan a discrete value. In addition, server 901 may present apredetermined deductible associated with each of these coverages. Insome aspects, server 901 may further output a percentage of currentcustomers have the presented insurance policy feature.

In presenting trade-off insurance product/plan options, server 901 mayanalyze the information in the customer database, and determine thatwhile a majority and/or plurality of current customers have an insuranceproduct with a first set of features, a smaller percentage have similarinsurance products with other sets of features. In this scenario, server901 may present each set of features as a trade-off insurance product.For instance, to extend the above example of an automobile insuranceproduct, server 901 may determine that a plurality of current customerswith matched attributes has an automobile insurance policy with a $250deductible for collision coverage but that a significant minority alsohas policies with a $500 deductible and a $1000 deductible for the sametype of coverage. In this scenario, server 901 may present the threelevels of deductibles for collision coverage as a set of trade-offoptions, perhaps as a way to attract potential customers who desirevarying premium levels for their automobile collision coverage.

In certain aspects, server 901 may ask one or more questions of apotential customer/customer in determining various attributes of thepotential customer/customer. One or more of these questions may relateto general identifying information about the potentialcustomer/customer, including those related to the name, address, socialsecurity number, and driver's license number of the potentialcustomer/customer. Other questions may relate to behavioral trade-offpreferences (e.g., a desired premium level, a desired coverage level,level of risk tolerance, value of assets needed to be protected, desirefor predictable out-of-pocket expenses annually, etc.) that thepotential customer/customer may have.

In some aspects, server 901 may present an initial set of insurancepolicy features based on general identifying information from apotential customer/customer and related information in internal/externaldatabases (e.g., to be used in determining which insurance policyfeatures a select group of current customers of the entity managingserver 901 may prefer). Then server 901 may give the potentialcustomer/customer an option to customize/optimize the initial set ofinsurance policy features. If the potential customer/customer decides toaccept an option to customize the initial insurance presentation, server901 may then ask the potential customer/customer questions related tobehavioral trade-off preferences. Server 901 may use answers to thetrade-off questions to generate various trade-off insurance policyfeature options, including those based on different cost/coveragelevels. In certain aspects, server 901 may dynamically (e.g., inreal-time) generate a price quote for a presented insurance policyoption as the potential customer/customer answers one or more questionsor provides more information. In other aspects, the number and/or typeof trade-off questions asked may depend on the level of customizationthat a potential customer/customer may prefer. In other words, thepotential customer/customer may decide that all, none, and/or only asubset of the available questions are answered to reach a desiredpresentation of insurance options. In this way, when no trade-offscenario questions are asked, server 901 may present insurance featureoptions based on data-driven factors (e.g., customer identifiableinformation, internal data, external data, etc.). In addition, whentrade-off scenario questions are asked, server 901 may present insurancefeature options based on a customer-driven trade-off scenario answers.

In the above example of a potential customer seeking an automobileinsurance policy, server 901 may present trade-off options based both onwhat a group (a majority or minority) of current customers prefers andon the potential customer's answers to any of the trade-off questions.For instance, suppose that different groups within a current set ofcustomers with matched attributes to the potential customer prefer anautomobile insurance policy with high coverage (high cost plan), mediumcoverage (medium cost plan), and low coverage (low cost plan). Supposealso that a plurality of current customers prefer the low cost plan,followed by the medium cost plan and the high cost plan. Based solely onthe general identifying information of the potential customer andinformation in external/internal databases matched to relatedinformation of current customers, with no trade-off questions, server901 may present the low cost plan to the potential customer (because themost number of current customers prefer this plan). However, supposethat the potential customer indicates a preference for a high coverageplan in spite of the associated cost in one of answers to a trade-offquestion. In this scenario, server 901 may present the high cost plan asa first preference, with the medium and low cost plans presented astrade-off options. As such, server 901 may use both general customerinformation and more customized customer responses to present optionswith features for an insurance policy.

In some aspects, the insurance product/plan selection processimplemented by server 901 may be an adaptive selection process that“learns” over time as customer data sets increase. In this aspect, theselection process may present more and more accurate insurance policyoptions as the data sets evolve and increase to become morestatistically significant. In particular, as the selection process“learns” over time, server 901 may build various profiles or personas tohelp in presenting insurance options for customers with a predeterminedset of attributes. In another aspect, questions asked by server 901 maydynamically change over time as the server 901 recognizes correlationsbetween answers to certain questions and the associated profitability ofinsurance products presented to customers giving the answers and/or theassociated return to the customers themselves giving the answers. Inother words, the adaptive selection process discussed herein may allowfor refinement of this process by presenting those products/servicesthat have previously been selected most often. In some aspects, prior topresenting an insurance option, server 901 may consider the acceptancerate of a presented insurance product, the availability of new data thatmay be relevant to a presented insurance product, and any alternativesolutions/options that have not yet been presented.

FIG. 11 is a flow chart showing the steps of a data-driven selectionprocess implemented by an enhanced attributes analysis server 901, inaccordance with at least one embodiment of the invention. The process inFIG. 11 may start out at step 1101 where a potential customer/customerof an entity (e.g., an insurance company) managing enhanced attributesanalysis server 901 may enter into (e.g., login, etc.) an online quotingsystem of the entity. One of ordinary skill in the art would recognizethat while the embodiment shown in FIG. 11 uses an online interface intothe enhanced attributes analysis server 901, other communicationmethodologies (e.g., telephone, short message service (SMS), postalmail, etc.) may be used as well.

The process in FIG. 11 may then move to step 1103 where server 901 mayquery the potential customer/customer for identifiable information suchas name, address, social security number, driver's license number, etc.as shown in box 1105. Then the process may move to step 1107, whereserver 901 may run a selection process for presenting various featuresfor an insurance policy. In running the selection process, server 901may first attempt to supplement the customer information obtained in box1105 with data from internal sources 1109 and external sources 1111.

For instance, internal databases 1109 associated with the entitymanaging server 901 may include information related to demographics ofwhere the potential customer/customer lives, the vehicle owned by thepotential customer/customer, geographic details of where the potentialcustomer/customer lives, insurance products already purchased by thepotential customer (e.g., auto and/or home insurance, etc.), and thecost to repair previously damaged insured items owned by the potentialcustomer/customer. Meanwhile, external databases 1111 associated withthe entity managing server 901 may include the Lexis-Nexis databases(e.g., Current Carrier Database (CCDB), etc.), Insurance Services Office(ISO) databases (e.g., Town-Class, etc.), credit services databases,county tax records databases, and/or crime statistics databases (e.g.,theft, police report data, etc.). Also, the internal and externaldatabases 1109 and 1111 may store information related to the age of thepotential customer/customer, gender of the potential customer/customer,marital status of the potential customer/customer, number of years thatthe potential customer/customer has been driving, zip code where thepotential customer/customer lives, global positioning system (GPS) codewhere the potential customer/customer lives, city/state where thepotential customer/customer lives, area code where the potentialcustomer/customer lives, time zone where the potential customer/customerlives, designated market area (e.g., as indicated by Nielson MediaResearch definitions, etc.) associated with the potentialcustomer/customer, metropolitan statistical area (e.g., as indicated bythe Census, etc.) associated with the potential customer/customer,number of uninsured and/or underinsured drivers in the zip code wherethe potential customer/customer lives, type of vehicle that thepotential customer/customer drives, type of home that the potentialcustomer/customer insures, and/or number of years that the potentialcustomer/customer has been with a prior insurance carrier.

In addition, internal and external databases 1109 and 1111 may storeinformation related to urban and/or rural factors related to where thepotential customer/customer lives, weather factors related to where thepotential customer/customer lives, model year of the vehicle driven bythe potential customer/customer, category (e.g., sports utility vehicle,sedan, etc.) of the vehicle driven by the potential customer/customer,list price of the vehicle driven by the potential customer/customer,ownership (e.g., own, lease, etc.) of the vehicle driven by thepotential customer/customer, usage (e.g., work, pleasure, school, etc.)of the vehicle driven by the potential customer/customer, whether or notthe household of the potential customer/customer owns multiple vehicles,whether or not there is a student driver in the household of thepotential customer/customer, whether anyone in the household of thepotential customer/customer rents or owns a vehicle, the credit score ofthe potential customer/customer, the driving record of the potentialcustomer/customer, and the propensity of someone like the potentialcustomer/customer to bundle/have multiple insurance products.

In some embodiments, server 901 may weigh one or more pieces ofinformation as being more important than other pieces of information inpresenting insurance options. Also, in some aspects one or more piecesof information may not be included at all in the selection process. Forinstance, in one example, the age of a potential customer/customer,address of the potential customer/customer, and value of a home owned bythe potential customer/customer may be the only attributes that areconsidered by server 901 in presenting insurance options. Meanwhile, inanother example, the number of years that the potentialcustomer/customer has been with a prior insurance carrier and the numberof years that the potential customer/customer has been driving may bethe only attributes considered by server 901 in presenting insuranceoptions. Moreover, in this second example, server 901 may weight thenumber of years with a prior insurance carrier as less important thanthe number of years that the potential customer/customer has beendriving. In yet other embodiments, the weightings for each of theattributes may change as server 901 encounters larger datasets.

Once all relevant attributes of the potential customer/customer aredetermined from various sources 1105, 1109, and 1111, server 901 mayaccess a database including information related to attributes of currentcustomers of the entity managing server 901 and their associatedinsurance policies. Once accessed, server 901 may match some or all ofthe attributes of the potential customer/customer to the attributes of asubset of the current customers in the database. After a matching set ofcurrent customers is found, server 901 may use one or more features ofthe insurance policies preferred by current customers in presentinginsurance options to the potential customer/customer. Server 901 maypresent these insurance options as “people like you” options, (e.g.,displayed as insurance options preferred by people with similarattributes to the potential customer/customer) as shown in step 1113. Insome aspects, server 901 may present various aspects of the insuranceoptions on a display screen associated with a user terminal that thepotential customer/customer may be using.

FIG. 12 is a flow chart showing the steps of a customer-driven trade-offselection process implemented by an enhanced attributes analysis server901, in accordance with at least one embodiment of the invention.Similar to the process shown in FIG. 11 , the process in FIG. 12 maystart out at step 1201 where a potential customer/customer of an entity(e.g., an insurance company) managing enhanced attributes analysisserver 901 may enter into (e.g., login, etc.) an online quoting systemof the entity. One of ordinary skill in the art would recognize thatwhile the embodiment shown in FIG. 12 uses an online interface into theenhanced attributes analysis server 901, other communicationmethodologies (e.g., telephone, short message service (SMS), postalmail, etc.) may be used as well.

The process in FIG. 12 may then move to step 1203 where server 901 mayquery the potential customer/customer for identifiable information suchas name, address, social security number, driver's license number, etc.as shown in box 1205. Then the process may move to step 1207, whereserver 901 may query the potential customer/customer with one or morequestions 1209 related to the generation of trade-off scenarios. Forinstance, these questions 1209 may relate to the level of risk toleratedby the potential customer/customer (e.g., customer does/does not worryabout catastrophic events occurring, etc.), the value of assets that thepotential customer/customer may need to protect (e.g., insurable versusnon-insurable assets, etc.), the willingness of the potentialcustomer/customer to pay more money for a lower deductible, thestability of a potential customer's/customer's personal and professionsituation (e.g., does the potential customer/customer foresee his/herpersonal/professional situation changing within a predetermined timeperiod?, etc.), and/or the desire for a predictable out-of-pocketexpense annually (e.g., self-insurability, etc.), among other things.

Then the process may move to step 1211, where server 901 may run adynamic selection process for presenting various features for aninsurance policy. In running the selection process, server 901 may firstattempt to supplement the customer information obtained in box 1205 and1209 with data from internal sources 1215 and external sources 1213, asmentioned for FIG. 11 .

Once all relevant attributes of the potential customer/customer aredetermined from various sources 1205, 1209, 1213, and 1215, server 901may access a database including information related to attributes ofcurrent customers of the entity managing server 901 and their associatedinsurance policies. Once accessed, server 901 may match some or all ofthe attributes of the potential customer/customer to the attributes of asubset of the current customers in the database. After a matching set ofcurrent customers is found, server 901 may use one or more features ofthe insurance policies preferred by current customers as insuranceoptions presented to the potential customer/customer. Again, server 901may present these insurance options as “people like you” options (e.g.,displayed as insurance options preferred by people with similarattributes to the potential customer/customer) as shown in step 1217.

In some aspects, server 901 may present various aspects of the insuranceoptions on a display screen associated with a user terminal that thepotential customer/customer may be using. In presenting insuranceoptions, server 901 may display various trade-off scenarios based on thelevel of coverage and/or cost preferred by the potentialcustomer/customer, as detailed in the answers to the trade-off questions1209. The potential customer/customer may be given the option to answerany number of trade-off questions. In other words, the potentialcustomer/customer may choose the level of customization achieved by theoptions presented by server 901. The selection process 1211 maydynamically present various insurance product features by taking intoaccount both the preferences of current customers who share attributeswith the potential customer/customer and the specific answers given bythe potential customer/customer to the trade-off scenario questions.

In other aspects, the selection process shown in FIGS. 11 and 12 mayalso be used by the entity managing server 901 to present ancillaryservices or generate partnerships with third-party entities (e.g., carmaintenance services, extended warranty services, security services,financial planning services, asset preservation services, etc.). Anexample of a way in which the entity managing server 901 may presentancillary services may encompass a situation in which a potentialcustomer/customer requests home insurance for a home that public recordsshow does not have an alarm system. If the home is located in a placethat is at higher risk for theft, crime, etc., the entity managingserver 901 (e.g., an insurance company) may present options fordiscounted installation and monitoring of a home security system inpartnership with a home alarm services company, in addition to thepresentation of home insurance options. In this way, the entity managingserver 901 may present options for complementary products/services thatmay not be manufactured by the entity itself.

In some aspects, this platform may help to convey a sense of confidenceand reassurance to a potential customer/customer that an insuranceproduct they will be purchasing is the right choice and that no otherinformation is necessary to validate the purchase. Also, server 901 maypresent meaningful options to keep potential consumers/consumers engaged(e.g., by creating momentum, etc.) so that they obtain an insurancequote quicker. In addition to presenting options for an insuranceproduct/plan, server 901 may also facilitate customer reviews ofpresented insurance products/plans, insight into whether or not thereviews were helpful, other ratings, and sales ranks. In one aspect, webanalytics tags (e.g., JavaScript computer code) may be used to generatedata on the performance of presented insurance options.

Also, this functionality may allow server 901 to help potentialcustomers/customers bundle various insurance features, products, and/orplans by presenting insurance options based on what similar customershave preferred. For instance, when a potential customer/customer makes arequest for automobile insurance, server 901 may present not onlyoptions for automobile insurance but also for other types of insurance,including homeowner's insurance, life insurance, etc.

The functionality behind server 901 may be integrated into a web server,mobile device, social media platform (e.g., Facebook®, etc.), and othertools for insurance agents/representatives. Software applicationsrunning on hardware devices supporting the functionality of server 901may use Extensible Markup Language (XML), among other file types.

In some aspects, server 901 may include an interactive simulator to helppotential customers/customers understand and choose the best coveragefor a given situation. A “coverage illustrator” that is a part of server901 may help to show how coverages may work in different situations. Theoutput from the “coverage illustrator” may be used in conjunction withsituational, demographic, geographic, or vehicle information to presentinteractive, customized insurance options.

In addition, the hardware platform supporting the functionality ofserver 901 may also consider other attributes associated with apotential customer/customer in presenting insurance options, includingan analysis of the most frequent types of insurance claims filed in thearea that the potential customer/customer lives, an analysis ofparticularly hazardous driving spots such as dangerous intersectionswithin the area, a listing of cars reported stolen within the area, andan analysis of weather-related coverages in the area.

FIGS. 13-15 show various illustrations of user interface screens forinteracting with server 901, in accordance with at least one embodimentof the invention. These screens may be presented on display screensassociated with user terminals (e.g., workstations 1001) incommunication with server 901. In particular, FIG. 13 shows a first userinterface screen 1300 for inputting information used by server 901 inpresenting insurance options (e.g., a quick insurance quote, etc.) to apotential customer/customer of an entity (e.g., an insurance company)managing server 901, in accordance with at least one embodiment of theinvention. Screen 1300 includes various sections that ask a user (e.g.,potential customer/customer, insurance agent, etc.), to enter customerinformation, including a profile name 1301 and othercustomer-identifying information 1303. The profile name 1301 may referto a high-level name that groups a potential customer/customer into acategory with other potential customers/customers. In one embodiment,the profile name 1301 may be chosen based on predetermined attributes ofthe potential customer/customer, including age, homeownership status,and/or automobile make/model. Other customer-identifying information1303 may include the first name, last name, date of birth, emailaddress, gender, marital status, and zip code of the potentialcustomer/customer. Information 1303 may also include an indicator ofwhether the potential customer/customer rents or owns a vehicle/home andthe year, make, and model of the vehicle owned by the potentialcustomer/customer. In some aspects, information 1303 may also include amailing address and phone number of the potential customer/customer. Inaddition, screen 1300 includes a button 1305 for allowing a user toobtain insurance package options based on the information entered insections 1301 and 1303.

FIG. 14 shows a second user interface screen 1400 for inputtinginformation used by server 901 in presenting insurance options to apotential customer/customer of an entity (e.g., an insurance company)managing server 901, in accordance with at least one embodiment of theinvention. Screen 1400 is similar to screen 1300; however, screen 1400also includes an example profile name 1401 and samplecustomer-identifying information 1403. After inputting information intosections 1401 and 1403 of screen 1400, a user has pushed button 1405,causing server 901 to generate an insurance quote 1407. In this case,quote 1407 includes a statement about the approximate monthly premiumspaid by people within the same zip code as the potentialcustomer/customer. One of ordinary skill in the art would recognize thatany number of other attributes may be used to match current customers ofthe entity managing server 901 with the potential customer/customer.

In addition, screen 1400 also includes various options 1409 which allowa user to obtain additional information about the insurance quote 1407,including an option to chat online, talk to a representative, find anagent, or call a specific phone number.

FIG. 15 a shows a third user interface screen 1500 depicting a detailedinsurance option based on information entered in screens 1300 and/or1400, in accordance with at least one embodiment of the invention. Forclarity, screen 1500 has been divided into an upper section 1501 and alower section 1503. FIG. 15 b shows a detailed view of upper section1501 of screen 1500, in accordance with at least one embodiment of theinvention. Upper section 1501 of screen 1500 includes a menu 1505 thatmay allow a user to navigate from entering information about a potentialcustomer/customer and/or his/her insurable assets (e.g., vehicles, etc.)to generating a quote and purchasing a presented insurance product/planoption.

Section 1501 also presents options generated by server 901 for threeautomobile insurance plans based on customer information entered in, forexample, screens 1300 and/or 1400 and information accessed throughinternal/external databases. The options presented by server 901 includean economy plan 1507, a “people like me” plan 1509, and an enhanced plan1511. The three plans may be seen as trade-off options based on varyinglevels of cost and coverage. For instance, the “people like me” plan1509 may represent the automobile insurance plan that is most commonlypurchased by current customers that have similar attributes to thepotential customer/customer seeking a new insurance plan. Meanwhile, theeconomy plan 1505 may represent a less expensive plan preferred bymatched current customers that are particularly sensitive to cost andthe enhanced plan 1511 may represent a more expensive plan preferred bymatched current customers that are particularly interested in enhancedcoverage.

Upper section 1501 of screen 1500 may also include section 1513 where auser may save the information on screen 1500, exit from screen 1500,and/or obtain additional information about the insurance product/planpresented, including an option to talk to a representative, find anagent, or call a specific phone number. The upper section 1501 of screen1500 may also include a section 1515 that may further describe detailsof the insurance product/plan options presented by server 901. In thiscase, section 1515 includes details of the “people like me” option 1509,including details about the coverage start date, payment options, andincluded discounts. Section 1501 also includes buttons 1517 and 1519 toeither buy a presented insurance product/plan or further customize thepresented product/plan. In addition, helpful tips 1521 may bestrategically placed throughout screen 1500. Finally, upper section 1501of screen 1500 may also include a notes section 1523 that may describefurther details on the presented plan, including a date that the planwas presented, fees associated with the insurance quote, and otherdisclaimers.

FIG. 15 c shows a detailed view of lower section 1503 of screen 1500, inaccordance with at least one embodiment of the invention. Lower section1503 of screen 1500 may include a section 1525 that further describescoverages associated with the presented insurance policy and a section1527 that further describes deductibles and/or additional coveragesassociated with the presented insurance policy. For instance, section1525 includes details about coverages associated with an automobileinsurance option, including details about bodily injury liabilitycoverage, property damage liability coverage, medical payment coverage,uninsured/underinsured motorist coverage, and/or uninsured motoristproperty damage coverage. In addition, section 1527 incudes detailsabout deductibles and/or additional coverages associated with theautomobile insurance option, including details about collision coverage,comprehensive coverage, rental reimbursement coverage, towing and laborcost coverage, and sound system coverage.

Lower section 1503 of screen 1500 may also include buttons 1529 and/or1531 to edit the presented coverages/deductibles. Also, as mentionedearlier, helpful tips 1533 and 1535 may be placed strategicallythroughout screen 1500. In addition, notes section 1523 from FIG. 15 bmay also extend into FIG. 15 c.

Lower section 1503 of screen 1500 may include a section 1537 thatincludes details about options for bundling the presented insuranceproduct/plan with other insurance products/plans to realize additionalsavings. Finally, section 1503 may include a disclaimer section 1539 foradditional disclaimers about the insurance options presented.

The foregoing descriptions of the invention have been presented forpurposes of illustration and description. They are not exhaustive and donot limit the invention to the precise form disclosed. Modifications andvariations are possible in light of the above teachings or may beacquired from practicing of the invention. For example, the describedimplementation includes software but the present invention may beimplemented as a combination of hardware and software or in hardwarealone. Additionally, although aspects of the present invention aredescribed as being stored in memory, one skilled in the art willappreciate that these aspects can also be stored on other types ofcomputer-readable media, such as secondary storage devices, like harddisks, floppy disks, or CD-ROM; a carrier wave from the Internet orother propagation medium; or other forms of RAM or ROM. The scope of theinvention is defined by the claims and their equivalents.

Other embodiments of the invention will be apparent to those skilled inthe art from consideration of the specification and practice of theinvention disclosed herein. The specification and examples should beconsidered as exemplary only, with a true scope and spirit of theinvention being indicated by the following claims.

The invention claimed is:
 1. A method comprising: receiving, via acommunication interface, identifying data from an insurance consumer ata server; using at least one processor communicably coupled to thecommunication interface, determining a first plurality of attributes ofthe insurance consumer based on the identifying data; retrieving, at theat least one processor and from at least one database communicablycoupled to the at least one processor, a plurality of customersassociated with a second plurality of attributes and a plurality ofinsurance features, wherein the plurality of customers are retrievedbased on at least one of the first plurality of attributes matching withat least one of the second plurality of attributes; using the at leastone processor, determining a first plurality of features, of theplurality of insurance features, preferred by a first subset of theplurality of customers and a second plurality of features, of theplurality of insurance features, preferred by a second subset of theplurality of customers; and using the at least one processor, presentingtradeoff insurance options comprising at least one of the firstplurality of features and at least one of the second plurality offeatures.
 2. The method of claim 1, wherein the identifying datacomprises at least one of a name, address, social security number, ordriver's license number associated with the insurance consumer.
 3. Themethod of claim 1, wherein the first plurality of attributes comprisesone or more of age, gender, and marital status of the insuranceconsumer.
 4. The method of claim 1, wherein the first plurality ofattributes comprise one or more of model year, category, list price,ownership status, and use related to a vehicle operated by the insuranceconsumer.
 5. The method of claim 1, wherein the plurality of insurancefeatures comprise information on one or more of bodily injury limits,liability, collision, and comprehensive coverage associated withautomobile insurance policies of the plurality of customers.
 6. Themethod of claim 1, wherein the first subset of the plurality ofcustomers represents a majority of the plurality of customers, and thesecond subset of the plurality of customers represents a minority of theplurality of customers.
 7. The method of claim 1, further comprising:using the at least one processor, modifying the tradeoff insuranceoptions based on customer-driven tradeoff scenario, wherein theinsurance consumer provides feedback on behavior tradeoff preferences.8. The method of claim 7, wherein the behavior tradeoff preferences arebased on varying levels of cost and coverage.
 9. The method of claim 7,further comprising: using the at least one processor, modifying thetradeoff insurance options based on data-driven tradeoff scenario,wherein the at least one processor retrieves behavior tradeoffpreferences from the at least one database.
 10. The method of claim 1,further comprising: accessing a social network of the insuranceconsumer, wherein tradeoff insurance options are provided based on thesocial network of the insurance consumer.
 11. A non-transitorycomputer-readable storage medium having computer-executable programinstructions stored thereon that when executed by at least oneprocessor, cause the at least one processor to: receive, via acommunication interface, identifying data from an insurance consumer ata server; using the at least one processor communicably coupled to thecommunication interface, determine a first plurality of attributes ofthe insurance consumer based on the identifying data; determine, at theat least one processor and from at least one database communicablycoupled to the at least one processor, a plurality of customersassociated with a second plurality of attributes and a plurality ofinsurance features, wherein the plurality of customers are determinedbased on at least one of the first plurality of attributes matching withat least one of the second plurality of attributes; using the at leastone processor, assign weight factors to the first plurality of insurancefeatures; using the at least one processor and based on the assignedweight factors, determine a first plurality of features, of theplurality of insurance features, preferred by a first subset of theplurality of customers and a second plurality of features, of theplurality of insurance features, preferred by a second subset of theplurality of customers; and using the at least one processor and via thecommunication interface, present tradeoff insurance options comprisingat least one of the first plurality of features and at least one of thesecond plurality of features.
 12. The non-transitory computer-readablestorage medium of claim 11, wherein the at least one of the firstplurality of features is associated with a first weight factor greaterthan a second weight factor of the at least one of the second pluralityof features.
 13. The non-transitory computer-readable storage medium ofclaim 11, wherein instructions further cause the at least one processorto: dynamically change the weight factors based on a change in a size ofdatasets in the at least one database.
 14. The non-transitorycomputer-readable storage medium of claim 11, wherein instructionsfurther cause the at least one processor to: using the at least oneprocessor, modify the tradeoff insurance options based oncustomer-driven tradeoff scenario, wherein the insurance consumerprovides feedback on behavior tradeoff preferences.
 15. Thenon-transitory computer-readable storage medium of claim 14, wherein thebehavior tradeoff preferences are based on varying levels of cost andcoverage.
 16. The non-transitory computer-readable storage medium ofclaim 14, wherein instructions further cause the at least one processorto: using the at least one processor, modify the tradeoff insuranceoptions based on data-driven tradeoff scenario, wherein the at least oneprocessor retrieves behavior tradeoff preferences from the at least onedatabase.
 17. The non-transitory computer-readable storage medium ofclaim 11, wherein instructions further cause the at least one processorto access a social network of the insurance consumer.
 18. An apparatuscomprising: at least one processor; and a memory storingcomputer-readable instructions that, when executed by the at least oneprocessor, cause the apparatus to: receive, via a communicationinterface communicably coupled to the at least one processor, data froman insurance consumer; based on the received data, generate, at the atleast one processor communicably coupled to the communication interface,a plurality of behavior tradeoff preferences questions to be answered bythe insurance consumer; receive, via the communication interface, aplurality of answers to the plurality of behavior tradeoff preferencesquestions; determine, at the at least one processor, a first set ofcurrent customers based on the received data and a first set answers ofthe plurality of answers matching at least a first answer provided bythe first set of current customers; determine, at the at least oneprocessor, a second set of current customers based on the received dataand a second answer of the plurality of answers matching at least asecond answer provided by the second set of current customers; andpresent, via the communication interface, tradeoff insurance optionscorresponding to insurance policies of the first set of currentcustomers and the second set of current customers.
 19. The apparatus ofclaim 18, wherein the plurality of behavior tradeoff preferencesquestions relate to at least one of a level of risk tolerance preferredby the insurance consumer, value of assets that the insurance consumerseeks to protect, a willingness by the insurance consumer to pay morefor a lower deductible, or a desire by the insurance consumer forpredictable out-of-pocket expenses.
 20. The apparatus of claim 18,wherein the computer-readable instructions further cause the at leastone processor to analyze the plurality of answers from the insuranceconsumer to modify the plurality of behavior tradeoff preferencesquestions.